Connect with us

Business

Innovative Industrial Properties Inc (NYSE:IIPR) To Buy Arizona Property

Published

on

Innovative Industrial Properties Inc

Innovative Industrial Properties Inc (NYSE:IIPR) has executed a deal to buy a property in Arizona constituting more than 350,000 square feet of industrial and greenhouse space in a sale-leaseback deal with a subsidiary unit of The Pharm, LLC. Concurrent with the completion of the deal, the firm anticipates to finalize a long-term, triple-net lease deal with The Pharm subsidiary unit, which plans to use the facility for medicinal cannabis grow activities.

The details

The Pharm is directed by a senior management team that has years of collective experience and a strong track record in the medical use cannabis, food and beverage, agriculture, e-commerce and finance industries. Innovative Industrial reported that the deal price for the asset is $15 million. The Pharm subsidiary unit, as tenant, is also projected to perform certain tenant changes at the property post the closing of the deal, for which the firm has agreed to offer compensation of up to $3 million. Considering full compensation of the tenant improvement allowance, the firm’s total investment in this asset will amount to $18 million.

The preliminary term of the lease is fifteen years, with two alternatives to extend the term for another two five-year periods. This lease offers for a preliminary annualized total base rent of $2.52 million or 14% of the amount of the deal price and the tenant improvements, subject to a preliminary partial rent reduction. The aggregate base rent is open to 3.25% annual jump during the lease term, while the Pharm unit is also responsible for compensating the firm a property management payment equal to 1.5% of the then-prevailing base rent.

The deal is projected to complete in the fourth quarter 2017. As per the update from Innovative Industrial Properties, the deal is subject to the firm’s continued diligence and usual closing conditions. The firm cannot offer assurances that it will conclude on the deal on the terms mentioned herein, or at all.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

BRANDS

DETAILS

SCORE

PRODUCT SITES

  • Certified Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49

9.8

30% OFF Today! “30 0FF”

  • All Natural
  • Made In U.S.A
  • Lab Tested
  • Price From $69

9.7

  • All Natural
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99

9.6

  • All Natural
  • Made In U.S.A
  • Oral Mist
  • Price From $39

9.5

BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49
SCORE

9.8

PRODUCT SITE
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Lab Tested
  • Price From $69
SCORE

9.7

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99
SCORE

9.6

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Oral Mist
  • Price From $39
SCORE

9.5

PRODUCT SITE VIEW PRODUCTS
Advertisement

Title

Uncategorized2 days ago

Top 15 Essential Oils + Health Benefits

Top 15 Essential Oils + Health Benefits Each and every essential oil contains compounds with unique healing and therapeutic benefits....

Uncategorized2 days ago

Using Hemp Oil in Cooking

Hemp oil has many advocates. The oil from hemp seeds is rich in omega-3 and omega-6 essential fatty acids. This makes...

Uncategorized6 days ago

Best Oil Producers of 2018

Millionaires are being made by the moment in the medical marijuana industry. Venture capital firms, private equity firms, and even...

MyDx Inc MyDx Inc
Health3 weeks ago

MyDx Inc. (OTCMKTS:MYDX) Initiates Clinical Trial of Cannabis Formula for The Treatment of Chronic Low Back Pain

San Diego, CA based MyDx Inc. (OTCMKTS:MYDX) has announced the controlled trial of the cannabis formula for the treatment of...

Business3 weeks ago

Fastfunds Financial Corporation (OTCMKTS:FFFC) Is All Set to Launch Affinity Connextions Program Targeting MMJ Industry

Fastfunds Financial Corporation (OTCMKTS:FFFC) has announced the completion of all necessary formalities to introduce an Affinity Connextions Program through a...

Innovative Industrial Properties Inc Innovative Industrial Properties Inc
Business3 weeks ago

Innovative Industrial Properties, Inc (NYSE:IIPR) Unveils Exercise Of Underwriter’s Option To Purchase Common Stock Shares

Innovative Industrial Properties, Inc (NYSE:IIPR) announced recently that it has obtained the exercise of the underwriter’s option to buy additional...

Business3 weeks ago

Next Generation Management Corporation (OTCMKTS:NGMC) Updates On New Medical Marijuana System in Oregon

Nextgen Holdings, a subsidiary of the Next Generation Management Corporation (OTCMKTS:NGMC) recently updated its stockholders with the ongoing Medical Marijuana...

INDUSTRIAL HEMP3 weeks ago

Weed Inc’s (OTCMKTS:BUDZ) Performance Is Getting Higher

Weed Inc (OTCMKTS:BUDZ) has for a long time been enjoying the momentous highs for the past few months. The company’s...

INDUSTRIAL HEMP3 weeks ago

Namaste Technologies Inc (OTCMKTS:NXTTF) Signs A Share Purchase Agreement With Cannbit Ltd

Namaste Technologies Inc (OTCMKTS:NXTTF) announced recently that it signed a non-binding Letter of Intent (LOI) with Cannabit Limited where the...

INDUSTRIAL HEMP3 weeks ago

MariMed Inc. (OTCMKTS:MRMD) Plans To Expand Its Cannabis Business

MeriMed Inc. (OTCMKTS:MRMD) announced its grand plans to expand business into the emerging cannabis industry. Furthermore, the company intends to...

Advertisement
Advertisement
Advertisement